ENGLAND – British oil multinational, BP has unveiled a new ambitious goal to be a net zero company by 2050 or sooner.

BP in a statement explained that its net zero ambition seeks to get rid of the greenhouse gas emissions from its operations worldwide, currently around 55 million tonnes of CO2 equivalent (MteCO2e) a year.

It also revealed that new goal also sought to reduce the carbon in the oil and gas that it produces, equivalent currently to around 360 MteCO2e emissions a year – both on an absolute basis.

Taken together, delivery of these ambitions would equate to a reduction in emissions to net zero from what is currently around 415 MteCO2e a year. 

BP also revealed that it also aims to help its customers reduce their emissions by halving the carbon intensity of the products it sells, again by 2050 or sooner – offering customers more and better choices of low- and no-carbon products.

“This is what we mean by making BP net zero. It directly addresses all the carbon we get out of the ground as well as all the greenhouse gases we emit from our operations,” said BP’s CEO, Bernard Looney.  

Looney explained that BP’s new ambitious goal targeted to achieve absolute reductions in every barrel of oil and gas it produced.

He however noted that for maximum impact to be realized, “the whole energy system has to be transformed and everyone has a contribution to make – producers and sellers of energy, policy makers and everyone who uses energy.”

BP also aims to install methane measurement at all of its existing major oil and gas processing sites by 2023 and then reduce the methane intensity of its operations by 50%.

The company also noted that it also aims to increase the proportion of investment it makes into non-oil and gas businesses.

“We expect to invest more in low carbon businesses – and less in oil and gas – over time. The goal is to invest wisely, into businesses where we can add value, develop at scale, and deliver competitive returns,” Looney noted.

In its press statement, BP also listed a series of aims targeted at supporting the world’s progress towards net zero.

These aims include: more actively advocating for policies that support net zero; Incentivising BP’s global workforce to deliver on the aims and mobilise them to become advocates for net zero

The company also revealed that it was also launching a new team to create integrated clean energy and mobility solutions and to help countries, cities and corporations around the world decarbonise.